Wednesday, March 18, 2009

United States President Barack Obama stated Monday that insurance giant AIG is in financial trouble due to “recklessness and greed,” and called for legal action to stop the company from giving out millions of dollars in bonuses to its executives.

“It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay,” Obama said. “How do they justify this outrage to the taxpayers who are keeping the company afloat.”

Obama’s statement comes after reports surfaced last weekend saying the insurance agency, which is in deep financial trouble, had paid US$165 million to executives in bonuses, after receiving $170 billion as part of a government bailout plan.

AIG has said that the bonuses have to be given out, as the company is legally required by contract to do so. A representative with the National Economic Council, Lawrence H. Summers, also said that the bonuses were required to be given out. If AIG had refused to give out the bonuses, employees could file a lawsuit against the company for the money.

“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” AIG CEO Edward M. Liddy said in a letter addressed to Treasury Secretary Timothy F. Geithner on Saturday.

Liddy said that he asked Geithner “to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.”

“I want everybody to be clear that Secretary Geithner’s been on the case,” Obama said. “He’s working to resolve this matter with the new CEO, Edward Liddy, who, by the way, everybody needs to understand, came on board after the contracts that led to these bonuses were agreed to last year.”

If the bonuses cannot be stopped, the U.S. Congress says they want AIG to reimburse the government. Congress is looking to impose stiff new taxes on the pay, or ordering the company to return the money which was originally granted from a government bailout. In a letter to House Speaker Nancy Pelosi on Tuesday, senator Richard Shelby promised that the treasury will recover all of the money. Several U.S. senators along with Liddy have sent letters to AIG asking for the bonuses to be renegotiated, something AIG agreed to and says they will reduce future bonuses by 30%. Senators state that if Libby does not respond by renegotiating the bonuses, the Senate Finance Committee will propose an excise tax. Not only will an excise tax be proposed on AIG, but all companies receiving bailout money and their employees who receive bonuses.

Numerous House Democrats have introduced legislation which would place a 100% tax on any bonuses of over $100,000 from companies that are receiving government bailout funds. Meanwhile in the Senate, a bipartisan proposal by Max Baucus (D-Montana) and Charles Grassley (R-Iowa) would levy a special 90% excise tax on AIG’s bonuses. Asked Senator Baucus, who chairs the Senate Finance Committee: “What is the highest excise tax we can impose that will stand up in court? Let’s find out.”

Tuesday, July 7, 2009

English actress Rachel Weisz thinks that Botox injections should be banned for all actors.

The 39-year-old actress, best known for her roles in the Mummy movie franchise and for her Academy Award-winning portrayal in The Constant Gardener, feels facial Botox injections leave actors less able to convey emotion and that it harms the acting industry as much as steroids harm athletes.

In an interview with UK’s Harper’s Bazaar, coming out next month, Weisz says, “It should be banned for actors, as steroids are for sportsmen,” she claims. “Acting is all about expression; why would you want to iron out a frown?”

Currently living in New York, she also mentions that English women are much less worried about their physical appearance than in the United States. “I love the way girls in London dress,” she claimed. “It’s so different to the American ‘blow-dry and immaculate grooming’ thing.”

Wednesday, June 29, 2005

A recent survey conducted by the American Cancer Society has turned up some surprising results: Americans generally hold false beliefs about the nature of cancer and its treatment, even though many believe they are well informed.

Health experts say this ignorance could be dangerous: People may be making poor health decisions — avoiding cancer screenings or rejecting potentially life-saving treatments — based on their incorrect notions.

The most common misconception is that surgery causes cancer to spread. Decades ago, cancer often was not discovered until it was very advanced. At that stage, surgical efforts were rarely successful, and many patients died soon after procedures were performed. This may have given rise to the mistaken belief that the surgeries caused the disease to worsen.

Another commonly held myth is that there is a cure for cancer, but the medical industry is withholding it in order to continue profiting from the sale of less effective treatments and medications.

Believers in this “conspiracy theory” may not be guided by it in making their personal health decisions, though. The American Cancer Society says that even though many people are suspicious of the medical industry in general, they have a trusting relationship with their own physicians and are likely to follow their advice.

Almost 20 percent of the people surveyed felt that medications for cancer pain were ineffective.

About 10 percent expressed the belief that cancer could be cured with a positive attitude alone, while a similar number felt that there was no effective treatment for cancer.

The fact is, cancer survival and treatments — including pain management — have vastly improved in the last thirty years.

Results of the survey appear in the August 1 issue of Cancer, a journal published by the American Cancer Society.

Monday, August 7, 2017

Former governor of Texas, Mark White died at the age of 77 in Houston on Saturday, his son Andrew White told the Associated Press. The Democrat served as Texas’ governor from 1983 till 1987. White was considered as an education reformer during his single-term in office for bringing some policies focusing on education. White had suffered from kidney cancer for several years.

White’s son, Andrew paid tribute to his father and said, “He [Mark White] cared about Texas deeply […] He realized that this wasn’t about getting re-elected. This wasn’t about being popular. This was about making Texas a better place.” Former Texan Lieutenant Governor Bill Hobby called White “one of Texas’ greatest governors”.

The current Governor of Texas, Greg Abbott also paid tribute to White saying, “Mark White cared deeply about Texas […] and he devoted his life to making our state even better, particularly when it came to educating our children.”

Born in 1940, White served as Texas’ secretary of state and attorney general before he became the governor. He defeated then-incumbent Republican, Bill Clements to become Governor in 1983 despite Clements spending thirteen million dollars on his campaign. Four years later, Clements defeated White to become Texas’ governor.

White brought few educational reforms including the “No-Pass, No-Play” policy. Per the policy, students had to maintain a minimum threshold of grades to participate in school sports and extra-curricular activities. The decision was unpopular among many and even blocked by a state-district judge. The state Supreme Court eventually approved the policy.

Defending the “No-Pass, No-Play policy” in 1987, White told the state lawmakers, “Let’s be real: Anyone who can study a playbook can study a textbook. Americans didn’t get to the moon on a quarterback sneak.”

After losing in his re-election attempt in 1987, White returned to private law practice and also became the owner of a security company. In 1990, he ran for the office again, but lost to Ann Richards in the Democratic primary who later became the Governor.

Tuesday, September 28, 2010

A man wearing a ski mask and carrying an assault rifle apparently killed himself in the library of the University of Texas in Austin, Texas earlier today.

The university was placed under lockdown and all classes were canceled as a result of the incident. Nobody else was hurt, but police are still looking for a possible second gunman. Art Acevedo, the chief of Austin police, said that officials are also considering the possibility of explosives left by the suspect. Armored vehicles were seen moving around the campus in response to the event, as well as {{w|SWAT team|SWAT teams}, bomb-sniffing dogs, and police helicopters. An ambulance was seen around 9:00 a.m. CDT (1400 UTC) at the University of Texas’ Perry-Castaneda library.

The school’s website included a notice this morning, which read: “The person involved in this morning’s shooting on campus has been confirmed dead on the sixth floor of the Perry-Castaneda Library from an apparent self-inflicted gunshot wound. Law enforcement are searching for a second suspect. If you are off campus, STAY AWAY. If you are on campus, lock doors, do not leave your building.” The gunman was reportedly killed by a self-inflicted gunshot wound, and no shots had been fired by law enforcement officials.

The shooter has not yet been identified, and the reason behind the incident is not yet known. Witnesses described the man as wearing a dark suit and ski mask, and carrying an assault rifle. Randall Wilhite, a professor at the university, said that he heard gunshots while going to class and saw the suspect heading toward the library just after 8:00 a.m. CDT (1300 UTC). The gunman appeared to be firing shots randomly. “When I pulled up in my car, he stood right in front of me and didn’t stop running but turned in my direction, fired three shots into the ground to the left of my car and kept running,” said Wilhite. The gunman had the chance to shoot students, added Wilhite, but he did not appear to be targeting them.

The school, which has around 50,000 students, sent out an alert around that time warning students to stay where they were. Robby Reeb, a senior at the school, said that “a guy sprinted past me screaming, ‘There’s a guy with a gun.’ I looked up and saw a man in a ski mask, wearing a suit, and carrying an assault rifle. And I called 911.”

Police said that the gun used in the shooting was an AK-47, and that they were examining two different crime scenes: where the shots were fired outside, and where the gunman was found dead in the library. Police would not say whether he was attending the university. Chief Acevado said that there were “reports of a second suspect that was wearing a beanie with a long rifle, wearing blue jeans and a black top” that “may or may not be a white male.”

Several hours after the lockdown began, police allowed students to leave the university’s campus, although nobody is still allowed to enter.

The school was also the site of a shooting spree on August 1, 1966, in which university student Charles Whitman fatally shot fourteen to sixteen people and wounded another 32 before being himself killed by law enforcement authorities; reports of the exact death toll are inconsistent. Whitman, a former U.S. Marine, shot students from the observation platform of the school’s tower. That event was the deadliest school shooting in the United States until the 2007 Virginia Tech massacre.

Monday, October 10, 2005

The government of Saudi Arabia blocked access to Google‘s Web blogging service Blogger, Yahoo!‘s photo sharing website Flickr, and the diary service LiveJournal as well as some other websites through their nationally run Internet Services Unit (ISU) last Tuesday. As a result, English-speaking Saudis were prevented from publishing blogs, reading journals, or viewing pictures on Flickr.

The Saudi Arabian government uses a filtering service provided by the United States-owned company Secure Computing. Similar blocking services have been implemented in other countries, such as The People’s Republic of China.

In the past, the ISU had, on and off, blocked access to BlogSpot.com’s free hosting service. However, according to activist organization Reporters Without Borders, “blog services [applications] had not until now been affected by the ISU’s filters. The complete blocking of blogger.com, which is one of the biggest blog tools on the market, is extremely worrying. Only China had so far used such an extreme measure to censor the Internet.”

On Thursday, access to Blogger.com was restored, but Flickr and LiveJournal remained inaccessible. The ISU did not release any public statement about the blocking or restoration of service to any specific website.

Thursday, December 22, 2005

After months of threats from the states to take the federal government of Australia to the High Court of Australia over its Work Choices Act, New South Wales has formally lodged a writ with the High Court. Other states have indicated that they will follow the New South Wales government’s lead.

The 30-page Statement of Claim lodged by NSW Industrial Relations Minister John Della Bosca and Solicitor-General Michael Sexton claims that the Work Choices Act is unconstitutional as the act extends the commonwealth’s powers beyond what the constitution has given them. The Howard government has argued that they have such powers under the corporations provision of the constitution. Mr Della Bosca argues that the corporations provision is there to protect individuals from corporations.

Mr Sexton said “The heart of the Commonwealth legislation is its reliance on the corporations power, and the question is whether that is valid in these circumstances. In other words, whether it’s possible to legislate in effect about industrial relations simply because the employer is a trading or financial corporation”.

The Howard government’s plan effectively collapses the state’s industrial relations systems, which differ greatly from the new system.

Monday, July 11, 2011

China’s National Bureau of Statistics released data Saturday showing that the consumer price index (CPI) for June climbed 6.4% from a year ago. That compares with a 5.5% rise in May, which was the largest since a 6.3% increase in July 2008. The major factor contributing to this figure was the steep rise in food prices which climbed 14.4%. Pork is a major food staple in China, and its price rose 65% from last year.

Analysts predicted that China’s inflation would peak in June, but particularly worrisome was the steep rise in the cost of food from the same time last year and up from 11.7% in May, indicating that Beijing may have difficulty in controlling inflation.

China is the world’s second largest economy, having grown robustly in the last two years driven by a 2009 governmental stimulus package of $586 billion and low interest rates offered by state-owned banks. These were directed at promoting investments in real estate construction and government infrastructure projects, enabling China to lead the global recovery after the collapse of the U.S. mortgage market led to a worldwide recession.

Now Beijing is attempting to slow its fast pace of growth, fearful of inflation, by restricting bank lending and raising interest rates. High inflation along with high property values could hurt the economy. Since October, China’s Central Bank has raised interest rates five times.

Many factors are contributing to China’s inflation, including higher wages for migrant workers, increases in the prices of food and gasoline, as well as diminished output from crucial agricultural areas cause by droughts and flooding this spring.

Today, China’s Premier Wen Jiabao indicated that the war on inflation was continuing and controlling inflation was a top priority for the government, increasing expectations that interest rates would be further increased.

“We must treat stabilising overall price levels as the top priority of our macro-economic controls and keep the direction of macro-economic adjustments unchanged,” Wen said today in comments reported on the central government’s website. He had said in March that the ruling Communist Party is worried that a continuing rise in food prices could result in public protests.

Wen said the government would boost the supply of hogs to keep the price of pork stable, the price of pork being the major contributor to China’s food inflation index and the most closely watched item on it.

“If they signal any comfort with inflation, and inflation is as high as it is now, they could create an environment in which people would panic, and they can have a real problem on their hands,” said Tim Condon, Asian researcher at ING.

As markets worried about the news of Chinese inflation as well as concerns about the European debt crisis, oil dropped below US$95 a barrel today.

Monday, April 19, 2010

Seven people were killed and 26 injured in the city of Kohat in northwestern Pakistan on Sunday after a suicide bomber detonated a car bomb near a police station, police officials said.

“It was a suicide attack, the target was a police station,” Dilawar Khan Bangash, police chief of Kohat, told AFP news agency. He said that all those killed in the attack were civilians. The explosion occurred at the back of the police station.

“Seven people have been killed and 21 were injured in this car suicide attack,” Abdullah Jan, another high ranking police official, told reporters. His statement was made soon after the attack, before the number of injured was revised upward. “These incidents are a reaction to the military operation in the tribal areas,” he claimed. Another police officer confirmed what Jan and Bangash had said, saying that approximately 200 kilograms of explosives were used.

The station was badly affected by the attack, and three rooms of a government-run primary school were destroyed. Seven local shops were also severely damaged.

This attack occurred a day after an earlier suicide bombing killed over 40 people near the same city, and two days after an attack in southern Pakistan killed upwards of ten people.